The elements of enforceable contract (valid contract or legal binding contract);
A valid contract should have mutual agreement on an offer and an acceptance, indicating a meeting of the minds. The offer must have a consideration i.e something of value exchanged or promised by each party. The Latin word of “consideration” is “quid pro quo “.
Without clearly stated “consideration” on both parties, a contract does not exist, and neither party is pound to perform.
Both parties of a contract must have the contractual capacity and competency to do so. They must be the age of majority and must possess characteristics that qualify them as competent.
In addition, the valid contract must have legality, i.e the contract’s purpose must be to accomplish some goal that is legal and not against public policy.
Moreover, the consent of the parties must be voluntary i.ethere is no duress or fraud involved when the contract was first entered into.
Urban Reform - March 4, 2021
Thank you Mr.AHKAM for clarifying in this article each party ability in signing a contract
Engr.Ahkam Al Taee - March 4, 2021
Thank you, Competent Parties are essential which leads to the signed agreement.
Dr.Alaa Al Tamimi - March 14, 2021
It is very interesting subject